Has the Foreclosure Market Stabilized in Anne Arundel County, Maryland?
The foreclosure market segment continues to be a small portion of the overall residential real estate market in Anne Arundel County, Maryland. On January 12, 2011 there were 244 active foreclosure listings where there were 3,133 active listings overall. That means that there is just a little over 4 months of foreclosure inventory while there is nearly 9 months of regular residential inventory. Foreclosed homes, on average are priced 45% less than the regular inventory and sell for almost 57% less than homes are selling for overall.
The table below covers the basic statistics for the Anne Arundel County foreclosure market segment and the overall statistics for the county.
| Market Activity on 1/12/11 | Foreclosures | AACO |
| Active Inventory | 244 | 3,133 |
| Average List Price | $211,547 | $464,945 |
| Median List Price | $193,500 | $324,900 |
| Average Days On Market | 84 | 193 |
| Pending Inventory | 146 | 711 |
| Average List Price | $226,234 | $371,567 |
| Median List Price | $179,900 | $272,450 |
| Average Days On Market | 82 | 139 |
| Sold Inventory (90 Days) | 176 | 1,055 |
| Average List Price (ALP) | $206,683 | $364,634 |
| Median List Price | $183,900 | $299,900 |
| Average Sold Price (ASP) | $201,174 | $346,295 |
| Median Sold Price | $179,000 | $289,000 |
| Average Days On Market | 87 | 118 |
| ALP to ASP Ratio | 97.3% | 95.0% |
| Months of Inventory | 4.2 | 8.9 |
Foreclosure homes continue to be a steal and can be a great deal for buyers looking to purhcase in today's real estate market. Many homes will need work before or shortly after buyers take ownership. But Fannie Mae under their Homepath program is selling foreclosures that are "ready to occupy". They've gone into these homes and painted, put in new carpet, replaced applicances, and made essential repairs. Buyers looking at gems in the rough that haven't been rehabed before coming to market can use an FHA 203K loan to fund the necessary repairs before they occupy.
According to a recent msnbc.com Business article, Banks repossed 1 million homes last year, the author states that 2011 will be worse. Now that the moritorium on foreclosure evictions has been lifted, there will be a surge in repossessions in the first quarter of 2011 according to the article. While Anne Arundel County has been very lucky with few homeowners ending up in foreclosure, more may find themselves in trouble as prices remain stable but off 2005-2006 peaks. Since almost any homeowner that purchased between 2003 and 2007 is likely to have "overpaid" for their home - by today's standards - if they need to sell through job loss or are trying to relocated, they may find themselves having to short-sale their home, which almost automatically means they have to go into default before the banks will even consider negotiating with them. Furthermore, having to default in order to get the short sale approved puts a home owner on track for foreclosure if they cannot find a buyer.
For a list of foreclosure homes in Annapolis, Maryland, follow the link below:
Foreclosure Homes for Sale in Annapolis Maryland
The market is brisk for foreclosure homes. If you or someone you know is interested in obtaining the most up-to-date list of foreclosure homes currently on the market in Annapolis, Arnold, Edgewater, Riva, Crownsville, Anne Arundel County, or any area in Maryland, send me an e-mail at showell@cbmove.com or call me at 443-994-8043.
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